Ted Cruz shrugs off report that he got undisclosed Goldman Sachs loan for Senate campaign

Sen. Ted Cruz tries to explain away an undisclosed loan from his wife&#039;s employer — (Image credit: CNN/YouTube)

Sen. Ted Cruz (R-Texas), a leading 2016 presidential candidate, has said that he and his wife, Heidi, liquidated their entire net worth to finance his 2012 Senate campaign, but Senate ethics filings show that their liquid assets actually grew by up to $400,000 that year, reports Mike McIntire at The New York Times. More intriguingly, the Cruzes obtained about $1 million in low-interest loans early that year from Goldman Sachs, where Heidi Cruz was a managing director, and Citibank, and did not disclose those loans to the Federal Election Commission.

Confronted with the report late Wednesday, Cruz insisted that he had disclosed the margin loans, but "if it was the case that they were not filed exactly as the FEC requires, then we'll amend the filing."

There is no evidence that Cruz got a sweetheart deal from his wife's employer, and "there would have been nothing improper about Mr. Cruz obtaining bank loans for his campaign, as long as they were disclosed," McIntire explains. "But such a disclosure might have conveyed the wrong impression for his candidacy." Mr. Cruz, a former Texas solicitor general, campaigned as a populist firebrand who criticized Wall Street bailouts and the influence of big banks in Washington. It is a theme he has carried into his bid for the Republican nomination for president." Read more about the loans at The New York Times.

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.